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Exam 22: Extension: Working Within the Legal Environment

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Question 51

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If a contract is to be legally binding, both parties must give consideration.

A) True
B) False

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Question 52

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Regulations covering sales, checks, bank deposits and bills of lading are contained in the Uniform Commercial Code.

A) True
B) False

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Question 53

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Recent legislation encourages the use of submarine patents.

The remedy for a tort is:

________ is the legal process by which a person, business, or government entity unable to meet financial obligations is relieved of those debts.

The recent lawsuits against the tobacco industry are examples of tort law.

The Federal Trade Commission enforces laws and guidelines regarding unfair business practices.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

One result of deregulation in the airline industry has been:

The Federal Trade Commission Act prohibits unfair methods of competition.

__________ are the largest source of tax income received by the federal government.

Identify and discuss the six conditions that must be met for a contract to be legally binding.

When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower fares.

In order to be legally binding, a contract must be a written agreement between two or more parties.

Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town, Cajun Cookin' Inc. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -As it turns out, Brian and Sondra's good fortune with the restaurant has caused their competitors to lose business. In fact, Cajun Cookin' has been so successful that two other nearby restaurants are in danger of going out of business. Brian and Sondra have:

If Toni agrees to sing at Brad's wedding for free and then doesn't show up, Brad may sue Toni for breach of contract.

In order for a contract to be legal, mutual acceptance is achieved when one party is under duress.

The intent of a patent is to:

The offer of a 3-year or 36,000-mile warranty by a car dealer on a new vehicle is an example of an implied warranty.

The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act.